Need to report Roth IRA year end value?

[AZ-Tax]

TP brought in the document reporting year end valuation. TP did not add nor take any distributions. No form number # on document. I am leaning this is an "information only" document and nothing needs to be reported on TP's tax return from this document, am I correct?

[ATSMAN]

TP brought in the document reporting year end valuation. TP did not add nor take any distributions. No form number # on document. I am leaning this is an "information only" document and nothing needs to be reported on TP's tax return from this document, am I correct?

Correct and taxpayer needs to keep track of basis. So if your software allows it input the data to track basis year to year. It will be needed when a distribution is taken.

[TAXNJ]

Leaning

TP brought in the document reporting year end valuation. TP did not add nor take any distributions. No form number # on document. I am leaning this is an "information only" document and nothing needs to be reported on TP's tax return from this document, am I correct?

Your leaning may be correct based on you reading the actual document.

Best answer would be from your client if received $ (distribution). Have you asked your client or did client contact firm providing the document?

Should be an easy answer

[FEDUKE404]

Information only

The client's "document" sounds like a quasi-Form 5498, from the information provided.

Remember that information could perhaps be relevant if there are other retirement accounts rattling around. Did I say "perhaps" ??

Absent money in and/or money out, I don't know what the official IRS guidelines are for the required issuance of said document.

(I'll know more later in the year....as I could not put any 2015 funds into my own Roth IRA and took nothing out. Maybe a Form 5498 will show up??)

As others have noted, I would just file it away and move on.

FE

[kathyc2]

Correct and taxpayer needs to keep track of basis. So if your software allows it input the data to track basis year to year. It will be needed when a distribution is taken.

Why would you need to track basis on a Roth?

[mactoolsix]

Why would you need to track basis on a Roth?

Just in case the market dies and there might be a loss upon total distribution . . . . .

As of today the market is down about 12% - he might see that loss sooner than later.

Mike

[taxea]

Correct and taxpayer needs to keep track of basis. So if your software allows it input the data to track basis year to year. It will be needed when a distribution is taken.

I agree and this is what I do.